Thursday, 17 February 2011

NYSE to Suspend Trading in Borders Group, Inc.; Moves to Remove from the List

NEW YORK, February 16, 2011 – NYSE Regulation, Inc. (“NYSE Regulation”) announced yesterday that it determined that the common stock of Borders Group, Inc. (the “Company”) – ticker symbol BGP – should be suspended immediately.
 
NYSE Regulation has determined that the Company is no longer suitable for listing.  This decision was reached in view of the Company’s February 16, 2011 announcement that it has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S Bankruptcy Court for the Southern District of New York.  NYSE Regulation noted the uncertainty as to the timing and outcome of the bankruptcy process, as well as the ultimate effect of this process on the Company’s common stockholders.
 
Additionally, the Company had previously been notified that it had fallen below the New York Stock Exchange’s (“NYSE”) continued listing standard for average closing price of less than $1.00 over a consecutive 30 trading day period.
 
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.  The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.

No comments:

Post a Comment